Noodle Box acquires Wok in a Box
Noodle Box is currently the nation’s largest noodle-based quick-service restaurant (QSR) with 70 stores across Australia. Wok in a Box is the second-largest with 32 stores which are primarily located in Western Australia and South Australia.
Noodle Box Chief Executive Officer, Ian Martin, said the acquisition was part an expansion strategy.
“The acquisition is a continuing part of our strategy to expand our brand reach more widely across the country as we continue to provide authentic, high quality and healthy noodle-based meals served by well trained and friendly team members in a inviting and related environment,” he said.
Mr Martin believes that the noodle QSR sector in Australia is ready for consolidation and that Noodle Box is in prime position to capitalise on current opportunities.
The acquisition follows Noodle Box’s move into the international market with the chain signing a Master Franchise Agreement with the Himmah Food Company. As a result three restaurants have already been opened in the Middle East and two more are under construction. It is expected that a total of 65 restaurants will open within the region over the next five years. A memorandum of understanding (MOU) to enter the Indian market has also been signed.
Despite its Asian cuisine, the franchise is Australian owned and has been in operation since 1996.
Settlement between Noodle Box and Wok in a Box is expected to occur on the 12 October 2015.